The Toro Company (NYSE: TTC) announced today that it has acquired light construction and hardscape product assets of Stone Construction Equipment, Inc., which manufactured concrete and hardscape equipment for rental and construction companies. Terms of the transaction were not disclosed.
This acquisition builds on Toro's position in the growing rental market with a reputable line of branded products in the hardscape space, which include concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools. These products further extend Toro's offering to contractors and rental companies, and complement its recent acquisitions of tree care and turf renovation product lines.
“Stone built a solid reputation around quality,” said Rick Rodier, general manager of Toro's Sitework Systems Business. “These products are respected by rental and construction customers, and complement our current line of compact utility equipment and trenchers extremely well. We see great opportunity to leverage our core strengths in innovation, engineering and distribution to grow share in these new categories.”
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly$1.9 billion in fiscal 2011, Toro's global presence extends to more than 90 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.